UBS quarterly report just out and the balance sheet shows the effect of it trying to digest the stinking rotten carcass that is Credit Suisse. Underwhelmimg to say the least It goes onto great detail to show how the regulatory arrangements across Europe and the USA are endeavouring to prop this outfit up and protect high net worth individuals and entities. Our friends the elites at it again. The key take from this is how they will treat the legacy of all that worthless pile of assets in both houses - the key line was this in the report we report underlying results that exclude items of profit or loss that management believes are not representative of the underlying performance. Now just let that sink in for a moment - and if you and I tried to get away with that in our own business and investments - no chance Precious metal held never became more important as part of your asset mix. The cracks in the financial system continue to appear if you care to look.
